Former Offering Memorandum Erich Schultz, SIOR Jay Lyons, CCIM Peter May, CCIM eschultz@compasscommercial.com jlyons@compasscommercial.com pmay@compasscommercial.com 541.383.2444
Table of Contents Page 03 07 The Offering Property Details Site Improvements Site Plan Area Zoning Deed Restrictions 10 14 17 Location Overview Property Photos Notices 2
The Offering The former Mavericks facility at Sunriver An established recreation facility located in Sunriver, Oregon offering tremendous opportunity. OPPORTUNITY HIGHLIGHTS Unique facility with state of the art recreational equipment, fitness center and water activities in one of Central Oregon s premier resort destinations. Home to the only FlowRider location in Oregon a perpetual wave machine offering a unique innovation in water rides that appeals to surfers, snowboarders, wakeboarders, skimboarders and skateboarders and recreational thrill seekers. The facility is priced at a fraction of replacement cost. Key features: 29,135 sq. ft. facility with a large great room for gatherings and receptions, 3,500 sq. ft. of cardio and weight equipment, 1,000 sq. ft. indoor rock-climbing wall, pools and snack bar. 3
THIS OFFERING IS FOR THE REAL PROPERTY AND EQUIPMENT OF THE FORMER MAVERICKS FACILITY AT SUNRIVER. The Offering Address: 18135 Cottonwood Road, Sunriver, OR 97707 Price: $1,975,000 Terms: Buildings: Cash Approx. 29,135 square feet Building Type: Fitness center/aquatics center Lot Size: Zoning: Building Age: Approx. 10.17 acres SUCN Sunriver urban unincorporated community, community neighborhood district Phase I in 2005 was a renovation of the existing building Real Estate 2014-2015 Taxes: $36,969 Phase II was completed in 2007 Utilities: Parking: Sunriver water and sewer lines serve the property. Other utilities available include electric power, natural gas, telephone and TV cable Property subject to a mutual access and parking agreement with the property adjacent to the east which is currently used as a church Opportunity: Aggressive promotion of FlowRider Develop outdoor pool amenities (Phase III) FACILITY IS NOT CURRENTLY OPERATING 4
Mavericks at Sunriver A world-class recreational facility located in the heart of the resort community, providing a convenient destination for sports, health and fun for residents and visitors to Sunriver. The Offering FACILITY HIGHLIGHTS INCLUDE: Flowrider perpetual wave machine 4-lane, 25 meter indoor lap pool Kids splash pool with slide and splash buckets Large outdoor hot tub Large great room for gatherings and receptions 3,500 sq. ft. of cardio and weight equipment 1,000 sq. ft. indoor rock-climbing wall CYBEX weight training and free weights PRECORE training machines Wireless cardio theater Yoga, pilates and aerobics studios Half-court basketball/volleyball gymnasium Locker rooms Saunas Juice bar WiFi throughout the facility OTHER OPTIONS FOR BEST USE OF THE FACILITY: The facility offers the possibility to be used for other purposes besides the previous business model. This offers a great opportunity to redevelop the site for another use at a lower cost and quicker completion time than starting a new development. Some other examples of ideal uses for this facility include training facilities, corporate retreats or church camps. 5
FlowRider Why buy a Flowrider? The Offering IN A WORD FUN. And in another word PROFIT. The FlowRider is a unique innovation in water rides that is fun for everyone from kids to adults, but especially for that 13 21 demographic; those who are so historically hard to impress, but who become addicted to the thrill and challenge of riding the FlowRider. Unlike most waterpark attractions, where riders are basically victims of gravity, the FlowRider demands skills; nerve, balance, technique. The FlowRider appeals to a variety of board-sport skills surfing, snowboarding, wakeboarding, skimboarding, skateboarding and the learning curve takes time, but is steep as riders progress from prone on bodyboards, to standing up on flowboards, to doing kickflips and aerials.that learning curve requires an investment in time, which makes the investment in the FlowRider pay off in a short period of time. The first ride on a FlowRider can turn into a life-time addiction, as first-time riders become repeat riders, and repeat riders become lifetime loyalists. The FlowRider focuses on the end-user and their individual sporting pursuits: The three fastest-growing sports surfing, skateboarding and snowboarding are all board sports. DESIRE FOR EXPERIENCES: Consumers and sports enthusiasts worldwide want an experience. They want to be challenged. The FlowRider affords riders the opportunity to learn a variety of board sport skills while enjoying a great core strengthening workout. PERVASIVE INFLUENCE OF SURF CULTURE: With its own language, fashion, music, art, film and lifestyle, the pull of surfing transcends geographies, economies and religions. The FlowRider captures surfing s allure and engenders an emotional appeal to consumers worldwide. RISE OF SOCIAL MEDIA: It s almost as fun to watch as it is to ride yourself. This shared social phenomenon makes the FlowRider the perfect setting for photos, live video streams, and riders first hand blogging about their experience. Uploads, shares, and postings of photos and video on various social media sites generate product awareness while promoting the sport of flowboarding. FLOWRIDER VIDEO: http://www.youtube.com/v/kon70pyuqic&hl=en&ap=%2526fmt%3d18 6
Site Improvements The subject property contains two buildings totaling approximately 29,135 square feet. The larger of the two buildings is the recreation facility, while the smaller is a mechanical/storage building. The buildings were built using wood frame construction techniques placed on concrete slabs. The roofs are standing seam metal. There is an ample parking area that has access and space shared with the neighboring church. Property Details 7
Site Plan Property Details 8
Area Zoning The property is zoned Urban Unincorporated Community- Sunriver-Commercial Neighborhood District (SUCN). Permitted uses include: health and fitness facility, church, school, amphitheater, residential facility, and residential home. Property Details Deed Restrictions The uses allowed are restricted within the deed to commercial, office, retail or other non-residential uses; recreational facilities generally associated with a resort development including, but not limited to, golf courses, putting greens, equestrian facilities, tennis courts, swimming pools, parks, playgrounds. Buildings may be developed on 2.09 acres of the site per a deed restriction. The remainder of the property may be used for fields or recreational amenities (2.31 acres), parking (1.03 acres), and the remaining property is to be left undeveloped as open space. Access and parking is shared per an agreement with the Holy Trinity Catholic Church property next door. 9
THE FORMER MAVERICKS FACILITY AT SUNRIVER IS LOCATED AT THE SOUTHEAST CORNER OF COTTONWOOD ROAD AND EAST CASCADE ROAD. ACCESS FROM HIGHWAY 97 AND ALL OF SUNRIVER IS EXCELLENT. Location Overview Sunriver is a year-round resort community located in Deschutes County just 15 miles south of Bend. Amenities in the area include golf courses, horseback riding, water sports on the Deschutes River and Cascade Lakes, hiking, biking, tennis, and nearby skiing at Mount Bachelor (20 miles northwest). ABOUT SUNRIVER, OREGON Nestled next to the Deschutes River in central Deschutes County, Sunriver is the premier Northwest destination for vacationers, golfers and outdoor enthusiasts of all ages. With the Cascade Mountains to the west and the Newberry Volcanic National Monument to the east, Sunriver boasts an exciting array of world class amenities such as golf, tennis, swimming, horseback riding, kayaking, canoeing, white water rafting, fly fishing, biking, hiking, bird watching, spa and fitness centers, music and art festivals, and a variety of restaurants from fine dining to casual. SUNRIVER HIGHLIGHTS: 15 miles south of the Bend city limits (Bend Population: 80,000) 22 miles from Mt. Bachelor 25 miles from the Cascade Lakes 4,700 residences and lodging units in Sunriver 1,500 full-time residents Summer population peaks to nearly 20,000 vacationers on any given weekend 10
Aerial Map Location Overview 11
Street Map Location Overview 12
Region Map Location Overview 13
Property Photos 14
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DISCLAIMER: This marketing package has been prepared by Compass Commercial Real Estate Services (Compass Commercial) in full cooperation with the Seller of the Property solely for the purposes of providing preliminary information to prospective purchasers. It is not intended as the sole source of property data and should not be relied on in place of appropriate due diligence activities. Neither Compass Commercial nor its agents can guarantee accuracy and no liability is assumed for financial, operational, physical, or other information provided herein including, but not limited to, errors and omissions, transmittal of inaccuracies, prior sale, price adjustments, or removal from marketplace without notice. Any indicated value of this investment is based upon assumptions, projections and estimates, which are variable by nature and subject to changing economic conditions. The value of this investment to you will also depend on tax and other factors, which should be evaluated by your tax and legal experts or advisors. It is your responsibility to independently confirm information received about the property to your satisfaction and you are urged to seek advice from your own attorney, CPA, design consultant, franchise representative, and/or other qualified professionals in your investigation of this opportunity. Notices ACCEPTANCE: By accepting this information, the recipient agrees not to reproduce or use in whole or in part the information contained herein, or any other information which may subsequently be provided, and to keep permanently confidential all such that is not already public. Owners are not to be contacted directly by brokers or prospective purchaser. All arrangements for inspection of the property must be made through Compass Commercial. EXCLUSIVE: The property represented herein is exclusively listed for sale by Compass Commercial. All negotiations for the purchase shall be conducted through Compass Commercial or its designated agents. Questions concerning this offering should be directed to: www.compasscommercial.com 541.383.2444 ERICH SCHULTZ, SIOR eschultz@compasscommercial.com PETER MAY, CCIM pmay@compasscommercial.com JAY LYONS, CCIM jlyons@ compasscommercial.com Brokers are licensed in the state of Oregon 17